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When you pay off your home, aren't you supposed to get the title?

Albany, NY |February 3, 2013

Wells Fargo said that the only person who gets the title is the town clerk. But my sister has the title to her house. What's up with this? How do I get my title?My question comes from watching the Suze Ormon show. She said that you're supposed to get soemting called the "assignment of title" after you pay off your home. I have the morgage fullfillment letter from Wells Fargo. What is the "assignment of title" and how do I get it?

In NYS the lender does not physically take the title to your property (unless it is a Torrens Title).

A mortgage lien is "perfected" by filing the mortgage with the County Clerk (in NYC the mortgage is recorded in the City Reigster).

When your mortgage is paid off, the lender is required to file the Satisfaction of Mortgage within 10 days in the Office of the County Clerk. The bank usually sends you notification that this is taking place.

Check with the County Clerk. Hopefully the satisfaction has already been filed. Ask for a copy of your deed for your peace of mind.

Note: This response is for general informational purposes only. No attorney-client relationship is created. No responsiblity shall be taken by the submitting attorney for any individuals acting pursuant to any information contained herein.

When you pay off your house, a satisfaction of mortgage if filed, so that the mortgagee no longer has a lien on the property. You should get a copy of that document. The Title to your property is reflected on the deed, which is on file with the County Clerk. It is a public document, and you can obtain a copy at any time regardless of whether you have a mortgage.

The deed to your house has nothing to do with paying off the mortgage to your home. You should have received the deed to your home shortly after your closing and after it was filed with the county clerk's office. If your home is in Albany and you don't have the original deed, you can obtain a copy by visiting the following cite: https://access.albanycounty.com/clerk/deedsandmortgages/

Dear, Here are the facts to clear up some of the confusion: When one owns a home (not a cooperative unit) in New York, such ownership is documented by a DEED. The DEED is given to a purchaser by seller at the closing. The DEED is then recorded by the Title Company in the County Clerks office. On the other hand, Title (Insurance) is provided to the purchaser at the closing by the Title Company who has conducted the searches and provided insurance. The satisfaction of mortgage is recorded by the lender after the loan is paid in full. If you have any questions, please visit www.Lawyer4RealEstate.Com or contact my office, Sincerely, Irene Stein, Esq.